TSX-V: GRAT
TORONTO, Dec. 18, 2019 /CNW/ - Gratomic Inc. ("GRAT" or
the "Company") (TSX-V: GRAT) (FRANKFURT:CB81, WKN:A143MR) is
pleased to announce that it has closed the first tranche of
its non-brokered private placement, announced on December 2, 2019 (the "Offering"), and
raised $334,062.45 through the
issuance of 5,938,888 Working Capital Units ("WC
Units").
Each WC Unit is priced at $0.05625
and consists of one (1) post-consolidated common share and one (1)
common share purchase warrant ("WC Warrant"). Each WC
Warrant entitles the holder to purchase one (1) common share (a
"WC Warrant Share") at a price of $0.10 per WC Warrant Share until the earlier of:
(i) December 18, 2022; and (ii) in
the event that the closing price of the Common Shares on the TSX
Venture Exchange is at least $0.30
for twenty (20) consecutive trading days, and the 20th trading day
(the "Final Trading Day") is at least four (4) months from
the Closing Date, the date which is thirty (30) days from the Final
Trading Day.
The Company paid $9084.38 in cash
compensation and issued 161,500 broker warrants ("Broker
Warrants") to a finder. Each Broker Warrant issued in respect
of the sale of WC Units entitles the holder to acquire one (1)
common share of the Company at $0.05625 until December
18, 2022.
All securities issued pursuant to the first closing are subject
to a hold period expiring on April 19,
2020.
The Offering will remain open until the earlier of January 17, 2020 and the sale of the remaining WC
Units. The proceeds from the Offering will be used for working
capital, payment of existing debts of the Company, further mine
development at Aukam as well as for product development, product
marketing, customer development, pilot production and further
research and development.
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to
market commercialization of graphite products most notably high
value graphene based components for a range of mass market
products. We have a JV collaborating with Perpetuus Carbon
Technology, a leading European manufacturer of
graphenes, to use Aukam graphite to manufacture graphene products
for commercialization on an industrial scale. The Company is
listed on the TSX Venture Exchange under the symbol GRAT.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
FORWARD LOOKING STATEMENTS: This news release
contains forward-looking statements, which relate to future events
or future performance and reflect management's current expectations
and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by
and information currently available to the Company. Investors are
cautioned that these forward-looking statements are neither
promises nor guarantees and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings
with SEDAR in Canada (available
at www.sedar.com).
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SOURCE Gratomic